Automation Anywhere Acquires FortressIQ to Enhance Process Discovery

Automation Anywhere to Acquire FortressIQ

Automation Anywhere, widely recognized for its robotic process automation (RPA) software, is set to broaden its platform offerings. The company announced plans this morning to acquire FortressIQ, a startup specializing in process discovery.

The financial details of the purchase were not disclosed by either company.

Filling a Critical Gap

This acquisition provides Automation Anywhere with a key component currently lacking: process discovery. FortressIQ’s technology allows for the automated mapping of internal processes, utilizing artificial intelligence.

This capability aims to reduce reliance on expensive consulting services.

Executive Vision for the Future

“The combination of Automation Anywhere and FortressIQ will fundamentally alter the landscape of automation,” stated Mihir Shukla, CEO and co-founder of Automation Anywhere. “It will empower our customers to automate, adapt, and accelerate their digital transformation initiatives.”

Investment and Market Positioning

FortressIQ has secured $46 million in funding since its inception in 2017, as reported by PitchBook. This includes a $12 million Series A round in 2018 and a $30 million Series B round in the previous year.

However, this investment is considerably less than that of Celonis, the current market leader.

Celonis' Dominance

Celonis has attracted $1.4 billion in investment, according to Crunchbase data. Notably, they completed a $1 billion Series B funding round in June, achieving an $11 billion valuation.

Furthermore, Celonis established a significant partnership with IBM in April to expand the reach of its services within large enterprises.

FortressIQ’s Core Technology

Pankaj Chowdhry, founder and CEO of FortressIQ, previously explained that the company’s focus was on a computer-vision based solution for automated process discovery.

He noted that the data generated by their platform was being used for broader transformation strategies, with automation representing only a portion of its potential applications.

Synergy with Automation Anywhere

Integrating FortressIQ into Automation Anywhere is expected to significantly expand its role and impact.

A Booming Market

The field of process automation has experienced substantial growth recently. RPA, low-code workflow tools, and process mining are converging to drive significant market activity.

UIPath, the leading RPA provider, went public in April, initially achieving a private valuation of $35 billion, although its stock performance has since stabilized.

Industry Leadership

Gartner identifies UIPath, Blue Prism, and Automation Anywhere as the key players in the RPA market. This acquisition is a strategic move by Automation Anywhere to enhance its platform and maintain its competitive edge within the rapidly evolving industry.